Lumber Liquidators shares up 6% after investigation announced

NEW YORK (MarketWatch) --Shares of Lumber Liquidators
LL, -1.10%
rallied 6.6% in midday trade Wednesday, after the U.S. Consumer Product Safety Commission said it is investigating the company's laminate floor products. "The company has been cooperative to date in our investigation and has pledged to fully cooperate throughout," CPSC Chariman Elliot F. Kaye said in a statement. The safety commission said it will test samples and look at "home-based exposure scenarios." It will be coordinating with federal partners to study the side effects of exposure to formaldehyde. The investigation comes after a "60 Minutes" report this month said the retailer's laminates from China contained high-levels of cancer-causing agents. Lumber Liquidators has said it stands by its products. Shares have fallen 52.3% in the last three months.

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